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The Cleveland Clinic and three U.S. universities announced Wednesday they will receive unrestricted funds of roughly $260 million each, due to the sale of global technology and manufacturing company, Lord Corp.

Why it matters: Officials at the the Cleveland Clinic, Massachusetts Institute of Technology, Duke University and the University of Southern California say the anticipated $1 billion in total donations is believed to be the largest single allocation of its kind.

Of note: Many institutional donations like this comes with detailed agreements from donors on how the money may be used, but this did not, the Washington Post reports.

  • Lord Corp. grew its sales to more than $1 billion in 2018, and the company was recently purchased by Parker-Hannifin Corporation for $3.7 billion, triggering the distribution of proceeds to the four schools to advance education and research in science and technology, per the Cleveland Clinic.
  • The Lord foundations supported MIT, Duke, USC and the Cleveland Clinic, and previously handed out approximately $200 million to the four institutions since the 1980s.

The bottom line: The universities and medical center can prioritize needs that are pressing, but may not be appealing to donors.

Go deeper: GoFundMe's place in the health care system

Go deeper

Journalism enters dangerous new era

Illustration: Brendan Lynch/Axios

The Capitol attack on Jan. 6 resulted in at least nine physical assaults against journalists and at least five arrests, per the U.S. Press Freedom Tracker's top editor.

Why it matters: President Trump's harsh rhetoric towards the press has empowered leaders abroad and locally in the U.S. to continue to attack press that they don't like.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The beginning of the beginning for Biden's climate push

Illustration: Annelise Capossela/Axios

Joe Biden's inauguration and the days right after will bring a rat-tat-tat burst of climate policy moves, but keep this in mind amid the splashy pledges: pushing through most of his agenda will be a long, uncertain slog.

Why it matters: Biden's climate plan is far more expansive than anything contemplated under President Obama. But for all the immediate pledges, it will take years to see how far Biden gets.

Dion Rabouin, author of Markets
4 hours ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.